Forbes Slandered Binance on $1.8B USDC ‘Misappropriation’: Wu Blockchain

  1. Crypto journalist Colin Wu’s news platform said Forbes wrongly accused Binance of misappropriating funds.
  2. The Forbes report referred to USDC outflows to Alameda Research, Justin Sun, Amber Group, and more.
  3. Wu said institutions withdrawing their USDC upon the USDC trading pair removal is the more likely explanation.

Wu Blockchain, the news platform of popular Chinese crypto journalist Colin Wu, did not go easy on Forbes when it said the premier media agency committed inaccurate journalism regarding its article accusing Binance of misappropriating funds.

Wu, who regularly publishes crypto updates from his Twitter account Wu Blockchain, simply called the Forbes article as simply “wrong.” He then proceeded to explain why in an article with a detailed analysis.

Disclaimer: The article was written by a person named @0xMavWisdom; upon checking Twitter, the account leads to a reporter for Wu Blockchain.

According to the article from Forbes, Binance was involved in a series of shady transactions involving Circle USD (USDC), although other US dollar-pegged stablecoins like Binance USD (BUSD) were also included. 

Wu directly confronted these allegations, explaining that Binance’s partner institutions withdrawing their USDC and asset rebalancing were the more likely explanation. Specifically, institutional customers withdrew their funds upon learning that Binance was going to remove its USDC trading pairs, according to him.

He said toward the end of the article:

“I think Forbes is habitually misled by the definition of labels when it accuses large transfers of Binance-pegged token assets as misappropriation.”

Wu clarified that he has no other reason for writing the article other than to call out Forbes; neither did he reach out to Forbes or Binance prior to publishing.

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Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.